Siemens Q2 disappoints, net falls 82% to Rs 30 cr

Moneycontrol Bureau

Engineering firm Siemens disappointed the street on Friday with its second quarter (January-March) net profit falling 90 percent year-on-year to Rs 30 crore due to delays in project completion.

Dr Armin Bruck, Managing Director, Siemens said profits were under pressure due to continued delays by customers in project completion leading to increased costs. "The volatility in commodity and foreign exchange rates which have also resulted in additional costs," he said.

Net sales slipped 23.4 percent to Rs 2,908 crore from Rs 3,797 crore during the same period, impacted by weak performance in all segments namely infrastructure, energy, industry and healthcare.

Analysts on average had expected net profit at Rs 165 crore on net sales of Rs 3,517 crore for the March quarter. Read This: Factors that will drag down Siemens Q2 PAT

At 14:49 hours IST, the stock was quoting at Rs 481.90, down 7.62 percent amid large volumes on Bombay Stock Exchange.